In the film industry, an Oscar is widely regarded as one of the most prestigious awards one can receive.
Those who win big at the star-studded event are often overcome with emotion, such as Halle Berry, whose 2002 acceptance speech for her historic win for Best Actress is remembered as one of the most impassioned ever delivered on stage.
Since 2010, it has been a tradition for the winners of the evening to take their statuettes to have their names engraved on them after the award ceremony.
One would assume that the gold figures etched with the names of some of Hollywood’s most well-known figures would be worth a great deal.
However, the value of an Oscar is far less than one would like to think.
How much does it cost to do an Oscar and how much is it worth?
A 2017 video produced by Coinage, Time Inc.’s personal finance business, puts the cost of making an Oscar statuette at around $400.
However, this is not really the value of the golden figure.
In 2015, a Los Angeles judge ruled that a 1942 Oscar statuette was won by Joseph C. Wright for Best Artistic Direction in the Rita Hayworth Musical My Gal Sal – which previously sold for $79,200 (€72,100) – has been reclaimed by the Academy for $10 (€9.10).
From 1951 until recently, a rule stipulated that Oscar winners and their heirs could not sell their gold figurines without first offering them to the Academy for $10.
A few years ago, however, regulations changed so that those who own an Oscar and wish to sell it must first return it to the Academy for $1 (91c).
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“Academy Award winners have no right to the Academy’s copyright or goodwill in the Oscar Statuette or its trademark and service mark registrations. Award winners must abide by these rules and regulations,” the Oscars website states.
“Awardees may not sell or otherwise dispose of the Oscar statuette, nor permit its sale or disposal by operation of law, without first offering to the Academy to sell it for the sum of $1.”
The statement adds that this rule also applies to “the heirs and assigns of Oscar winners who may acquire a statuette by gift or bequest,” and that miniature statuettes are subject to the same rule as standard-size statuettes.
How much have Oscars sold for in the past?
Despite the strict rules put in place to prevent golden Oscars from selling for stratospheric sums, this hasn’t prevented some statuettes from being auctioned off in the past.
In 1999, Michael Jackson earned the Best Picture award won by producer David O. Selznick for the 1939 romance Blown by the wind for $1.54 million (€1.4 million), vanity fair Conditions.
The Best Actress award, which Vivien Leigh received for her performance in the film, sold for more than $500,000 in 1993.
Three years later, Clarke Gable received the Best Actor award for the 1934 film It happened one night was bought for more than $600,000 (€546,270).
Since the first Academy Awards ceremony in 1929, more than 3,000 Oscar statuettes have been presented to the winners.
https://www.independent.ie/style/celebrity/celebrity-news/oscars-2022-how-much-is-a-golden-statuette-worth-41489974.html Oscars 2022: how much is a gold statuette worth?